The overall decline in prices at event #351 sent the GDT index down 2.3%. The decline was widely expected with weakness in SMP in the past couple of weeks as higher milk output in the EU spring looks more likely. The weaker demand outlook for WMP post-Chinese New Year—aided by a widely shared story about Chinese WMP looking for an export market may have also had an impact.

WMP prices were  expected to weaken with the Pulse outcome last week and slippage in futures prices, this outcome was better than many expected, falling 3.0% to US$3,286/t. SMP prices were down 5.3% on weaker demand, averaging US$2,640/t.

AMF prices continued an amazing run, with a small gain on average of 1.3% to average US$6,637/t. Butter prices were generally softer but also mixed with weaker prices earlier, down 1% to average US$6,461/t. Cheddar averaged US$4,277/t, defying all logic and gaining 3.2% while mozzarella eased 0.4% to US$3,945/t.